Welcome to our real estate analysis where we will delve into the correlation between various important metrics that directly impact both buyers and sellers. Today, we will be discussing the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the List to Sold Price Percentage, and the Median Sold Price.
Let’s start with the Months Supply of Inventory, which currently stands at 1.8. This metric indicates the number of months it would take to sell all the homes on the market if no new listings were added. A lower number suggests a seller’s market, as the demand for homes is outpacing supply. Conversely, a higher number indicates a buyer’s market, where supply exceeds demand. In this case, a supply of 1.8 months suggests a highly competitive market, putting sellers in a favorable position.
Now, let’s explore the 12-Month Change in Months of Inventory, which has experienced a significant increase of 69.81%. This figure represents the percentage change in the number of months it would take to sell all the homes compared to the previous year. This sharp rise suggests a shift towards a buyer’s market, as the supply of homes has increased significantly over the past year. Buyers can take advantage of this change by having more options and potentially negotiating better deals.
Moving on, we have the Median Days Homes are On the Market, which currently stands at an astonishingly low figure of 7 days. This metric highlights the average number of days it takes for a home to be sold after being listed. A low number indicates a fast-paced market, with homes being snatched up quickly by eager buyers. Sellers should be thrilled with this figure, as it demonstrates the high demand for homes in the area.
Next, we have the List to Sold Price Percentage, which is an impressive 99.6%. This metric illustrates the percentage of the original listing price that a home ultimately sells for. A higher percentage suggests that sellers are receiving offers close to or even above their asking price. This figure indicates a strong market where buyers are willing to pay a premium to secure their desired property.
Lastly, let’s discuss the Median Sold Price, which currently stands at $370,000. This metric represents the midpoint of all the sold homes’ prices in the given market. A higher median sold price indicates a strong market where home values are appreciating. Sellers can take comfort in knowing that the market is supporting higher price points, potentially allowing them to fetch a higher return on their investment.
In conclusion, the correlation between these real estate metrics paints a picture of a highly competitive market with a low supply of inventory and homes selling at a rapid pace. Despite the increase in inventory over the past year, sellers can still expect strong offers, often at or above their asking price. Buyers, on the other hand, should remain vigilant and act swiftly in this fast-paced market. Whether you’re buying or selling, it’s crucial to stay informed and work with a knowledgeable real estate professional to navigate these dynamic conditions successfully.
If you have any questions and need help with market trends and updates, reach out to Jennifer Yoingco, REALTOR®, and her team in The Houston Suburb Group, so you can get ready to EXPERIENCE LIVING IN HOUSTON, TEXAS!
Jeanette San Luis is a blog contributor, a double degree major in BS Chemical Engineering and BS Nursing, and graduated Magna Cum Laude and Summa Cum Laude respectively. She has won numerous accolades and was named one of Houston Chronicles TOP 150 Outstanding Nurses in 2016 and 2019. In her dual role as a REALTOR®, she empathizes and understands the needs of her clients; therefore, you are in very good hands.
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